Tutor Key, Kentucky Property Taxes
The median property tax rate in Tutor Key, KY is 1.01%, slightly above the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $66,500 in Tutor Key, the typical annual property tax bill amounts to $475, which is significantly lower than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Tutor Key's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Tutor Key or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tutor Key, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$672
Ownwell’s TUTOR KEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TUTOR KEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TUTOR KEY to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Tutor Key, Kentucky
Property taxes in Tutor Key, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tutor Key is 1.01%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Tutor Key set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tutor Key estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Tutor Key's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41263 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Tutor Key provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tutor Key Tax Rate
1.01%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tutor Key, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41263 | 0.37% | 0.57% | 1.01% | 1.04% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Tutor Key, Kentucky
In Tutor Key, Kentucky, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Johnson County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Tutor Key, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Tutor Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41263 has the highest and lowest median tax bill of $475.
Average Tutor Key Assessed Value
$66,500
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tutor Key, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41263 | $11,000 | $34,500 | $66,500 | $114,750 | $161,960 |
Source: Ownwell
Property Tax Bills Across Tutor Key, Kentucky
In Tutor Key, Johnson County, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For example, with a median home price of $66,500, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $221, while at the 75th percentile, the tax bill could be approximately $841. Those at the 90th percentile might see a tax bill as high as $1,561. Several factors influence the tax bill, including property location, size, and any applicable exemptions. These taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Tutor Key's rates can be relatively manageable, but they still represent a significant expense for homeowners. Understanding how these taxes are calculated helps residents budget effectively and comprehend the value derived from their contributions.
Average Tutor Key Tax Bill
$475
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Tutor Key, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41263 | $87 | $221 | $475 | $841 | $1,561 |
Source: Ownwell